Westchester Capital Management LLC Acquires 429,056 Shares of First Horizon Co. (NYSE:FHN)

Westchester Capital Management LLC raised its position in First Horizon Co. (NYSE:FHN – Get Rating) by 7.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,846,741 shares of the financial services provider’s stock after buying an additional 429,056 shares during the quarter. First Horizon comprises about 2.7% of Westchester Capital Management LLC’s holdings, making the stock its 5th largest position. Westchester Capital Management LLC owned approximately 1.09% of First Horizon worth $133,890,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. increased its stake in First Horizon by 0.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 56,049 shares of the financial services provider’s stock valued at $1,284,000 after buying an additional 426 shares during the period. Cetera Investment Advisers boosted its position in shares of First Horizon by 3.2% during the 1st quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 491 shares in the last quarter. Blair William & Co. IL boosted its position in shares of First Horizon by 2.1% during the 1st quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 575 shares in the last quarter. Diversified Trust Co boosted its position in shares of First Horizon by 4.8% during the 3rd quarter. Diversified Trust Co now owns 12,984 shares of the financial services provider’s stock worth $297,000 after purchasing an additional 595 shares in the last quarter. Finally, Capital Square LLC boosted its position in shares of First Horizon by 1.1% during the 3rd quarter. Capital Square LLC now owns 55,154 shares of the financial services provider’s stock worth $1,263,000 after purchasing an additional 600 shares in the last quarter. 77.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on shares of First Horizon in a research report on Thursday. They set a “sell” rating on the stock.

First Horizon Price Performance

First Horizon stock opened at $15.68 on Thursday. First Horizon Co. has a 52 week low of $13.40 and a 52 week high of $24.92. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.21. The firm’s 50-day simple moving average is $23.80 and its 200 day simple moving average is $23.89. The firm has a market capitalization of $8.43 billion, a PE ratio of 10.25, a P/E/G ratio of 2.07 and a beta of 0.93.

First Horizon (NYSE:FHN – Get Rating) last posted its quarterly earnings data on Wednesday, January 18th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. The company had revenue of $882.00 million during the quarter, compared to the consensus estimate of $883.23 million. First Horizon had a net margin of 25.66% and a return on equity of 12.98%. During the same quarter in the prior year, the company posted $0.48 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.89 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Friday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Thursday, March 16th. First Horizon’s dividend payout ratio (DPR) is presently 39.22%.

Insiders Place Their Bets

In other First Horizon news, CEO D Bryan Jordan sold 93,157 shares of the company’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $24.80, for a total value of $2,310,293.60. Following the completion of the transaction, the chief executive officer now owns 1,396,259 shares in the company, valued at approximately $34,627,223.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other First Horizon news, CEO D Bryan Jordan sold 93,157 shares of the company’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $24.80, for a total value of $2,310,293.60. Following the completion of the transaction, the chief executive officer now owns 1,396,259 shares in the company, valued at approximately $34,627,223.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Terry Lawson Akins sold 4,694 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $24.67, for a total value of $115,800.98. Following the completion of the transaction, the executive vice president now owns 145,691 shares of the company’s stock, valued at approximately $3,594,196.97. The disclosure for this sale can be found here. 1.55% of the stock is owned by company insiders.

First Horizon Company Profile

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First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.